Emergence of event management companies, growing urban population, and innovations in products boost the growth of the global party supplies market. By product type, the tableware/disposables segment accounted for the highest market share in 2019. Moreover, the market across North America region accounted for the highest market share in 2019 and would lead the trail throughout the forecast period.
Portland, OR, Nov. 25, 2020 (GLOBE NEWSWIRE) -- According to the report, the global party supplies industry estimated at $12.65 billion in 2019, and is anticipated to garner $20.29 billion by 2027, manifesting a CAGR of 8.8% from 2021 to 2027.The report offers an extensive analysis of changing market trends, top winning strategies, key segments, Porter’s Five Forces, and business performance of key market players.
Emergence of event management companies, growing urban population, and innovations in products boost the growth of the global party supplies market. On the other hand, impact of non-biodegradable party supplies on the environment restrains the market growth. Conversely, surge in online retail platforms and demand for eco-friendly products usher a number of opportunities in the market players.
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The declined demand for party supplies and party bans during lockdown impacted the market negatively. Furthermore, the restaurants, stadiums, and hotels were closed duringthe lockdown, which further affected the market.
Manufacturing activities and supply chain management of party supplies have been disrupted. Also, the distribution channel has been impacted.
However, the government bodies all across the world are easing off the lockdown restrictions, thereby issuing guidelines based on social distancing and less number of people in events. This factor has marginally increased the demand for party supplies.
The global party supplies market is analyzed on the basis of product type, application, distribution channel, and region. Based on product type, the tableware/disposables segment accounted for the highest market share in 2019, with nearly one-sixth of the global market, and is estimatedto dominate the market throughout the forecast period. On the other hand, the games segment is expected to manifest the fastest CAGR of 11.7% from 2021 to 2027.The report also studies segments including balloons, banners, pinatas, home décor, take away gifts, and others.
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Based on application, the market is bifurcated into commercial use and domestic use. The domestic use segment held the maximum market share in 2019 with nearly three-fourths of the global party supplies market in 2019, and is anticipated to maintain its dominance throughout 2027. Conversely, the commercial use segment is projected to portray the highest CAGR of 9.5% from 2021 to 2027.
Based on region, the market is analyzed across Europe, North America, Asia-Pacific, and LAMEA. The market across North America region accounted for the highest market share, with nearly one-third of the global market in 2019. The region, furthermore, is anticipated to maintain its lead share by 2027. Nevertheless, the Asia-Pacific region is expected to showcase the largest CAGR of 10.2% from 2021 to 2027.
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Leading market players in the global party supplies market report includePioneer Worldwide,Unique Industries, Party City, Martha Stewart, American Greetings, Hallmark, Shutterfly, Artisano Designs, Chinet, and Oriental Trading Company.
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